Monthly numbers are out, and they’re… shall we say… aggressive. There were 772 sales in February, which is more than we saw throughout the hot markets in the early 2000s, and in fact an extremely close second to the 780 from February 1992 when they were giving out leaky condos in exchange for Thrifty’s stamps.
Taking a look at the market conditions for as many Februaries as we have data for, we can see that inventory is low (but has been lower), new listings are middle of the road, and sales are at record levels.
All that means that market conditions are very tight, with months of inventory under 3.
This means pressure is increasing on prices. With these market conditions, prices are only going in one direction, and sure enough, the trend towards increasing prices continues unabated. More detail on the month coming soon.
Also as you may have noticed, we have two advertisers joining us on the site (why ads?). Thank you to Marko and Mike for supporting the site, I truly believe they both offer a great service if you’re in the market.
Update: RBC has released their Q4 2015 affordability report, and it has a nifty new chart comparing major markets across the country. More or less matches up with the data I’ve been looking at and shows affordability above the long term average in Victoria, but thanks to low interest rates we are still well below historical highs. No surprise, Vancouver is pure insanity, requiring a hilarious 109% of the median income to afford a detached house.